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Groups who advocated for the IRS to prepare tax returns sure look foolish these days: http://t.co/oKvpIofu7Y
May 13, 2013 06:30 PM
taxreformer -
"We don't need the federal government mandating additional taxes..." -@MarshaBlackburn on MFA: http://t.co/lAuLJtr5t3 #NoNetTax
May 13, 2013 06:00 PM
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Health insurers and businesses are already feeling the iron-clad grip of regulations in #Obamacare: http://t.co/J6dfnKqFYZ
May 13, 2013 05:30 PM
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Virginia Governor Bob McDonnell Signs Largest Tax Hike in Virginia History into Law http://t.co/Qd6KOFfaPv
May 13, 2013 03:46 PM
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Under #Obamacare, mothers have had a tougher time purchasing non-prescription, over-the-counter medicine: http://t.co/dJuaGAT9LE
May 13, 2013 02:01 PM
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9 out of 20 #Obamacare tax hikes have not even been implemented yet: http://t.co/opFkyf1guJ
May 13, 2013 01:30 PM
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.@GroverNorquist on MFA: "[The Senate] didn't ask all of the questions that needed to be asked": http://t.co/wXfkIR2Ca9 #NoNetTax
May 13, 2013 01:01 PM
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"When architects of #Obamacare are worried about it creating a trainwreck, you know something's gone terribly wrong": http://t.co/J6dfnKqFYZ
May 13, 2013 12:30 PM
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Conservative and Free Market Groups Applaud Move to Delay a Vote on Gina McCarthy: http://t.co/lNQYmJAB12 #EPA
May 13, 2013 12:02 PM
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The #Obamacare train wreck will derail the American economy: http://t.co/opFkyf1guJ
May 13, 2013 11:30 AM
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Senator Coburn Proposes "AMT 2.0"
Senator Tom Coburn (R-Ok.) today proposed a new form of the alternative minimum tax (AMT). He wants to take away everyday tax deductions and credits from taxpayers earning more than $1 million per year so that the government can spend that money instead. He claims that this will only affect 1500 taxpayers--eerily similar to claims that AMT proponents made in 1969. Just like the first AMT, Senator Coburn's "AMT 2.0" will eventually grow to include millions of American families, the same way the first AMT did.
Americans for Tax Reform supports getting rid of every tax deduction and credit cited by Senator Coburn. However, the total tax burden on families should not grow. Every penny raised by getting rid of or curtailing tax deductions and credits should be plowed into lower tax rates. Senator Coburn would rather that the government spend the money.
(Incidentally, this confirms everything ATR said during the ethanol debate earlier this year: Senator Coburn is simply for higher and higher taxes on more and more Americans. This proves it.)
What are the "tax preferences" Senator Coburn has identified?
- Child Care Credit
- Mortgage Interest Deduction
- Rental Home Expenses (would, in essence, create a gross receipts tax on rent)
- Business Meals and Entertainment
- Gambling Losses (these are currently only deductible today to the extent of winnings)
- Cancelled Debt Deduction
- Electric Vehicle Credit
- Renewable Energy Credit
Posted by Ryan Ellis 
on Monday, November 14, 2011 6:11 PM EST
on Monday, November 14, 2011 6:11 PM ESTTo follow Ryan Ellis's RSS feed click here. To follow them on Twitter, their handle is @ryanlellis
